摘要: |
本文从能源要素视角分析了中国对美国直接投资的影响因素及其机理,并进一步利用 2002~2016年中国 8个制造业对美国直接投资的面板数据,通过全面 FGLS实证检验了中国制造业对美国直接投资的影响因素。实证检验时,根据行业能耗密度,将中国制造业分为高、低能耗水平制造业分别进行回归分析。实证结果发现:两国能源相对价格、能耗税赋差异在一定程度上抑制中国制造业,特别是高能耗制造业对美国的直接投资,两国能耗技术差异则对美国直接投资起促进作用。全样本与高、低能耗制造业子样本的其他控制变量的回归结果皆显示:两国经济体制差异、两国资本密度差距、中国制造业对美国出口水平均促进了中国制造业对美国直接投资,而美国市场规模则起抑制作用。 |
关键词: 能源相对价格 能耗技术差距 能源税收政策差异 对外直接投资 |
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Energy Relative Price, Energy Consumption Technology Gap and China’s Manufacturing Industry OFDI to the US |
WU Lingf,YANG Yingchun |
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Abstract: |
This paper analyzes the influencing factors and mechanism of China’s OFDI to the US from the perspective of energy factor, which uses the panel data of 8 manufacturing industries in China OFDI to the US from 2002 to 2016, and makes a comprehensive FGLS empirical test on the impact factors of China’s manufacturing industry OFDI to the US. In the empirical test, China’s manufacturing industry is classified into high and low energy consuming industries according to the energy consumption density of the industry. The empirical results show that, in the energy consumption factors, the energy relative price and energy tax difference between the two countries can restrain China’s manufacturing industry, especially the OFDI of the high energy consumption manufacturing industry. The gap in energy consumption technology between the two countries plays a catalytic role in China’s OFDI to the US. The regression results of the other control variables of the full sample and the high and low energy manufacturing subsamples all show that the economic system difference between the two countries, the gap between the two countries’capital density, and the China’s manufacturing industry export to the US increase the China’s manufacturing industry OFDI to the US, while the size of the US market is suppressing. |
Key words: energy relative price energy consumption technology gap differentiation of energy tax policy OFDI |